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Stan Co. had the following account balances as of December 1, 2020: Inventory$750,000 Land 600,000 Buildingsnet (fair valued at $1,200,000) 1,080,000 Common stock ($10 par

Stan Co. had the following account balances as of December 1, 2020:

Inventory$750,000

Land 600,000

Buildingsnet (fair valued at $1,200,000) 1,080,000

Common stock ($10 par value) 960,000

Retained earnings, December 1, 2020 1,320,000

Assume that Erika Inc paid cash of $2.9 million and no stock issued.

Determine the balance that would be included for Goodwill as a result of the acquisition.

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